Italian racing team Durango has confirmed Jacques Villeneuve's announcement that he has plans to buy an existing Formula One team after the FIA stated there would be no additional teams on the grid in 2011.

Previously, Villeneuve had been linked with stories that he was looking to start up his own team. "We have a budget in place for the next three years, and the design of the car is going very well," he said shortly before the FIA's statement. "Phase 1 is nearing completion."

It has subsequently emerged Villeneuve is now considering a possible take-over of one of the existing teams, with HRT and Virgin the most likely targets.

"The only way to enter F1 in 2011 is to buy an existing team," Durango spokesman Giuseppe Dorigo said. "As planned we will do it together with Villeneuve. We believe it's worth it. Our only goal now is to be on the starting grid next year."